tl;dr
Bitcoin mining firm Riot reported a 65% increase in revenue, reaching $84.8 million in the third quarter of 2024. This growth is attributed to a 159% year-over-year increase in deployed hash rate, which reached 28 EH/s by the end of the quarter. Despite a net loss of $154.4 million, the company prod...
Riot's Q3 revenue reached $84.8 million with a 65% increase in deployed hash rate, despite a net loss of $154.4 million.
Riot revised its self-mining hash rate capacity expectations, anticipating a total capacity of 34.9 EH/s by the end of 2024.
Bitcoin mining firm Riot reported a 65% increase in revenue, reaching $84.8 million in the third quarter of 2024. This growth is attributed to a 159% year-over-year increase in deployed hash rate, which reached 28 EH/s by the end of the quarter. Despite a net loss of $154.4 million, the company produced 1,104 Bitcoin during the quarter and ended with approximately $1.3 billion in cash, restricted cash, marketable equity securities, and 10,427 Bitcoin held. Riot's CEO expressed excitement for future expansion and capacity goals.
Riot has revised its self-mining hash rate capacity expectations, which now predicts a total capacity of 34.9 EH/s by the end of 2024, down from the previously projected 36.3 EH/s. This adjustment is mainly due to delays in the expansion of the newly acquired Kentucky facilities, which are now expected to be operational in 2025 instead of 2024. The company said that it anticipates an end-of-year capacity of 46.7 EH/s for 2025, a decrease from the earlier estimate of 56.6 EH/s.
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More about United States Steel Corporation
United States Steel Corporation produces and sells tubular and flat rolled steel products primarily in North America and Europe. The company is headquartered in Pittsburgh, Pennsylvania.
Industry: MANUFACTURING
Sector: STEEL WORKS, BLAST FURNACES & ROLLING MILLS (COKE OVENS)
Market Cap: 8,698,357,000
Current Price: $24.45
Change: $0.2
Change (%): 1.58%
52 Week Range: $17.48 - $29.67
Earnings per Share (EPS): $0.0241
Shares Outstanding: 162,750,000,000
Price to Earnings (P/E) Ratio: 41.59
Forward Price to Earnings (P/E) Ratio: -0.598
Dividend Yield: -0.13